The Retained EU Law (Revocation and Reform) Act 2023 (Consequential Amendment) Regulations 2023 took effect on 1 January 2024. They are of minimal substantive impact on financial regulation, except to replace various references to “retained EU “laws and case laws with the word “assimilated”. The explanatory memorandum explains that “assimilated law” will be domestic law that was formerly retained EU law, but without the interpretative features that were applied to it as REUL – such as the now repealed principle of EU law supremacy.
